Marie Brizard Wine & Spirits: Q4 and full-year 2022 revenues
Charenton-le-Pont, 16 February 2023
Q4 and full-year 2022
revenues
MBWS posts full-year
2022 revenues of €181.3m, up
7.8%1 versus
2021Q4 revenues up 2.6% to
€46.4mGrowth driven by international
sales
- In France,
despite a disappointing
4th quarter
down by
-4.0%,
yearly net sales
grew by 3.4% in 2022
compared to 2021, thanks in particular to a strong performance by
our strategic brands and to the contextual effect
of generalised inflation:
- in the 4th quarter, net sales fell
by -4.0%, in line with the outlook comments shared at end of
September 2022, due to availability constraints and inflation of
inputs cost which affected our ability to meet the demand of all
our customers and forced us to scale back promotional
activity;
- nevertheless, the off-trade
business held up well throughout the full year, driven in
particular by sales of William Peel, which grew in the second half
despite the current economic climate of shortages and logistical
difficulties leading to supply issues among competitors, and a
spirits market still in decline compared to the same period in
2021;
- a strong improvement in on-trade
sales throughout 2022 compared to 2021, which was still impacted by
health restrictions.
- International revenues grew
significantly in 2022 (up 11.7% versus 2021), with disparities
between regions:
- growth in Europe, particularly in
the Bulgarian and Lithuanian domestic markets, despite the
Russia-Ukraine conflict, and also in Spain;
- in the United States, Sobieski
revenues fell within a persistently competitive vodka market with
strong promotional pressure;
- sustained performance by all
strategic brands, particularly Marie Brizard and Cognac
Gautier.
- Commercial
outlook: the prevailing inflationary surge in raw material
prices and energy costs, which intensified in the second half of
2022, has persisted into the beginning of 2023, making the
implementation of price increases for all our customers all the
more necessary. The potential impact on sales volumes and consumer
trends leads the Group to be cautious about commercial activity in
the first half of 2023.
Fahd Khadraoui, Chief Executive Officer
of MBWS, said: “In 2022, we successfully continued our
growth, particularly on international markets, despite an
unprecedented economic climate characterised by high inflation and
shortages of certain raw materials. I would like to thank the teams
for their commitment throughout the year. Our revenues reflect
healthy growth driven by three factors: 1) the lifting of all COVID
restrictions, 2) our policy of increasing prices, primarily in
international markets, and above all 3) a quality/price ratio that
positions our brands as a safe haven for consumers during this
period of widespread surging inflation. Unfortunately, the current
challenging macroeconomic environment appears set to continue into
the beginning of this year. We must therefore opt for a proactive
pricing policy and remain cautious regarding the development of the
Group’s business over the coming months.” Marie
Brizard Wine & Spirits (Euronext: MBWS) today
announces its unaudited revenues for the fourth quarter of 2022,
covering the period from 1 October to 31 December 2022, and for the
full year 2022.
Full-year 2022 revenues
€m |
FY 2021 |
Like-for-like change |
Currency impact |
FY 2022 |
LFL change(excl. currency
impact) |
Reported growth (incl.
currency impact) |
France |
78.6 |
2.7 |
- |
81.3 |
+3.4% |
+3.4% |
International |
88.1 |
10.4 |
1.6 |
100.1 |
+11.7% |
+13.6% |
TOTAL MBWS GROUP |
166.7 |
13.1 |
1.6 |
181.3 |
+7.8% |
+8.8% |
Q4 2022 revenues
€m |
Q4 2021 |
Like-for-like change |
Currency impact |
Q4 2022 |
LFL change(exc. currency
impact) |
Reported growth (incl.
currency impact) |
France |
21.8 |
(0.9) |
- |
20.9 |
-4.0% |
-4.0% |
International |
23.0 |
2.1 |
0.4 |
25.5 |
+8.8% |
+10.7% |
TOTAL MBWS GROUP |
44.8 |
1.2 |
0.4 |
46.4 |
+2.6% |
+3.5% |
Breakdown by cluster
France cluster
The France cluster posted full-year 2022
revenues of €81.3m, up 3.4% versus the previous year. This growth
reflects the continued improvement in on-trade sales in the fourth
quarter coupled as well as the continued level of sales in the
off-trade market. The fourth quarter saw a -4.0% decrease in
revenues compared to Q4 2021 due to lower sales for some of our
products and the forced decrease in promotional intensity at the
end of the year, particularly in the off-trade business, reflecting
the Group’s difficulty in supplying all of its customers against
the backdrop of rising prices and the reduced availability of raw
materials.
Revenue growth continued for the Group’s main
brands over the year, in particular Marie Brizard, Sobieski and San
José. Our brands are positioned in line with customer needs in the
current inflationary environment. In a declining market for
under-12-year blended whisky (down - 6.6%2 in 2022), William Peel
maintained its sales volumes compared to 2021 and gained market
share thanks to its competitive positioning still bolstered by the
new listing obtained in the second half of 2021.
However, in view of the ongoing severe supply
chain disruption and sharp price rises for raw materials,
particularly in the glass industry, the Group continues to adopt
allocation measures per brand based on available volumes.
International cluster
The International cluster posted full-year 2022
revenues of €100.1m, up 11.7% versus 2021 at constant exchange
rates, with a fourth quarter up 8.8%.
In Spain, full-year 2022
revenues were up + 5.6% versus 2021, mainly driven by steady
subcontracting business and a sustained performance by strategic
brands, primarily Marie Brizard and William Peel.
Western European export markets
benefited from favourable conditions in 2022 with continued
on-trade growth versus 2021, still driven by the Marie Brizard
brand.
The Baltic States posted
full-year 2022 revenues up 14.1%, including an upturn in the fourth
quarter mainly due to brand performance driven by a proactive
pricing policy and the continued buoyancy of the bulk market and
its by-products.
Sales in Bulgaria continued to
ramp up in the fourth quarter (up 22.8% in Q4, up 19.8% for the
year) across the entire brand portfolio (spirits and wine) in both
domestic and export markets thanks to a rigorous sales policy.
Scandinavia posted a 25.3%
increase in full-year revenues versus 2021, bolstered by the
lifting of all restrictions on the on-trade channel and still
driven by sales of Marie Brizard, Sobieski and third-party
brands.
In the Eastern European
export markets, Poland was driven
by Gautier and Marie Brizard sales and posted significant overall
growth in 2022 despite a decline in the fourth quarter.
In the United States, full-year
2022 revenues were down - 9.3% compared to 2021, still impacted by
a highly competitive vodka market (Sobieski) and inventory
adjustment by our local distributor during the year. The Marie
Brizard and Gautier brands confirmed their sales growth in this
market in the fourth quarter.
In Brazil, revenues were down
in Q4 2022 with a - 16.7% drop in performance for the year, mainly
due to delays in availability for certain strategic products.
In the Americas export
region, annual sales growth in Canada was
+15.7%. This growth was driven mainly by the Gautier and Marie
Brizard brands, while Sobieski vodka continued to evolve in a
particularly turbulent category.
Lastly, in Asia Pacific, the
positive trend in the first nine months of 2022 was confirmed in
the fourth quarter by sustained performances, particularly in
Taiwan.
Outlook
Like most players in the wine and spirits
sector, the Group continues to face increasing inflation in raw
material costs and persistently high energy prices, which the Group
was not able to fully pass on downstream in 2022. Similarly, the
disruptive effects still present in the supply chains of certain
suppliers (particularly the glass industry) are persisting at the
beginning of 2023.
As mentioned previously, if they continue, these
adverse factors could have an impact on the Group’s ability to
supply all of its customers (in France and abroad) and on the
elasticity of consumer demand, upset by sharp price rises and an
uncertain economic environment that varies depending on the
different geographical regions in which the Group operates.
These negative factors continue to impact the
beginning of 2023 and make it necessary for the Group to continue
proactively adapting its pricing policies towards its customers in
order to cover the additional costs incurred, and therefore once
again encourage it to adopt a cautious approach to sales activity
in the coming months.
Financial calendar
- 2022 full-year earnings: 13 April
2023 after market close
Investors
and shareholders relations contact MBWS
GroupEmilie
Drexleremilie.drexler@mbws.comTél : +33 1 43 91 62 21 |
Press
contactImage
Sept Claire Doligez - Laurence Maurycdoligez@image7.fr –
lmaury@image7.frTél : +33 1 53 70 74 70 |
A propos de Marie Brizard Wine &
Spirits
Marie Brizard Wine & Spirits est un Groupe
de vins et spiritueux implanté en Europe et aux Etats-Unis. Marie
Brizard Wine & Spirits se distingue par son savoir-faire,
combinaison de marques à la longue tradition et d’un esprit
résolument tourné vers l’innovation. Depuis la naissance de la
Maison Marie Brizard en 1755, le Groupe Marie Brizard Wine &
Spirits a su développer ses marques dans la modernité tout en
respectant leurs origines. L’engagement de Marie Brizard Wine &
Spirits est d’offrir à ses clients des marques de confiance,
audacieuses et pleines de saveurs et d’expériences. Le Groupe
dispose aujourd’hui d’un riche portefeuille de marques leaders sur
leurs segments de marché, et notamment William Peel, Sobieski,
Marie Brizard et Cognac Gautier. Marie Brizard Wine & Spirits
est coté sur le compartiment B d’Euronext Paris (FR0000060873 -
MBWS) et fait partie de l’indice EnterNext© PEA-PME 150.
1 All revenue figures reported herein are at
constant exchange rates and consolidation scope, unless otherwise
stated.
2 Source: IRI P13 2022 – CAM All supermarket channels.
- PR MBWS Net Sales Q4 & FY2022
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